Sandvik acquires US based tap manufacturer Balax
Sandvik has completed the acquisition of the assets of US based company Balax, Inc. (“Balax”), a leading supplier of carbide and HSS cut taps and roll forming taps, primarily within the general engineering and automotive segments. The company will be reported in Walter, a division within the business area Sandvik Manufacturing and Machining Solutions.
“The acquisition of Balax is the second acquisition by GWS during Sandvik’s ownership and is well aligned with the shift to growth strategy. Balax will strengthen our tap offering on the North American market”, says Stefan Widing, CEO and President of Sandvik.
Balax is headquartered in North Lake, USA, and has 66 employees. In 2021 the company had revenues of 10 million USD, and the impact on Sandvik’s EBITA margin and earnings per share will be limited.
For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.
Stockholm, August 2, 2022
Sandvik AB
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Sandvik Group
Sandvik is a global high-tech engineering group offering solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. We are at the forefront of digitalization and focus on optimizing our customers’ processes. Our world-leading offering includes equipment, tools, services and digital solutions for machining, mining, rock excavation, rock processing and advanced materials. In 2021 the Group had approximately 44,000 employees and revenues of about 99 billion SEK in about 150 countries.
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